Lucideus, which provides cyber security to the BHIM (Bharat Interface for Money) app, will use the funds to enhance research and development on cyber security.

“As a company, we have been growing 700 per cent (average year-on-year) in revenues while being cash flow positive for the last four years,” said Saket Modi, CEO & Co-founder, Lucideus, in a statement on Wednesday.

“We have got a set of marquee names of handpicked investors who have not only invested their money but also bring in their strategic and technical guidance that is playing a key role in our evolution,” he added.